Posted on: 13th Jun, 2009 09:27 am
When buying a home that is in need of a few cosmetic repairs, is it possible to borrow more than the purchase price in order to make repairs if the house is being sold below market value? For example, the house is worth $100k, but is being sold for $90k. Can I borrow the $100k and use the extra $10k to remodel?
Sunil, you keep asking the same questions day after day. The answers are not going to change for you.
There are ways, but it's not quite that simple. There are rehab loans out there but there is usually an initial down payment on those and then you have draws to make repairs. There are some local or commercial lenders that may do a cash out at closing but they are few and far between.
i've tried my best to ignore some of the duplicative (maybe duplicitous) queries posed by this one of our friends and others. i guess they do get to you over time, though. i see he got to you eric. did you run out of snacks?
